I'm traveling this week so I don't have a full update. However, there is no change in my model's zero net exposure to the stock market. Earnings estimates remain positive and technical factors are essentially neutral but sentiment is still a very negative factor, as is valuation. The broader market continues to under-perform the major averages. My model could get more constructive but it will take some weakness or, at least, sideways volatility to move the needle in that direction. For the moment, I am happy to be fully hedged.